![]() While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers' offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. ![]() John Hendrickson is policy director for the Iowans for Tax Relief Foundation.The Forbes Advisor editorial team is independent and objective. High property taxes affect both individuals and businesses, and they deserve, and are demanding, property tax relief.Īs big a year as 2023 will be for Iowa taxpayers, it should only be the start of a groundbreaking decade! The Legislature is also poised to make property tax reform a priority for action in 2023. Reynolds and the Legislature understand Iowa is in competition with other states, creating opportunities for further reform, such as lowering the 3.9 percent flat tax rate. The model of wise budgeting and lower tax rates has strengthened the economy and established a strong fiscal foundation for government operations. The Taxpayers Relief Fund will have a balance of $1.6 billion, which is projected to increase. Iowa is on track for a $1.9 billion budget surplus and $830 million in reserves. The fiscal conservatism of state officials has allowed pro-growth tax reforms. Reynolds and the Legislature have not only made Iowa’s tax code more competitive, but also followed prudent budgeting principles. You will begin to receive our Daily Opinion updates and our topical Pints & Politics newsletter. ![]() This is the formula for success: prudent budgeting and gradually lower rates. For several years, North Carolina has been the gold standard in state tax reform, having lowered income tax rates while controlling spending. The United States will benefit by the continued spread of this “revolution,” and states such as Iowa and North Carolina are demonstrating how tax reform can be done responsibly. ![]() Doug Burgum, for example, has recently outlined a pro-growth tax reform that, if passed, would create a 1.5 percent flat tax - the lowest in the nation! North Carolina, where a flat 4.99 percent rate will be lowered to 4.75 percent and the corporate tax will be eliminated by 2030.Mississippi, where a flat tax rate of 5 percent will be implemented, replacing the previous progressive rate structure.Idaho, whose progressive income tax with a top rate of 6 percent will be reduced to a flat 5.8 percent.Arizona, which will transition from a progressive tax rate system with a top rate of 4.5 percent to a 2.5 percent flat tax. ![]()
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